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news.Canada-based biotechnology company BioMS Medical has received $10 million milestone payment from its partner, Eli Lilly and Company.
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The milestone payment is based on the previously announced positive review of the scheduled interim analysis of the company’s pivotal Phase II/III Canadian and European trial (Maestro-01) of dirucotide (MBP8298) in patients with secondary progressive multiple sclerosis.
The independent data safety monitoring board (DSMB) for the Maestro-01 trial has recommended that the trial proceed to completion based on the interim analysis which included efficacy and safety data from the first 200 patients to complete the trial.
To date, BioMS has received a total of $97 million in payments from Eli Lilly and Company, based on the licensing and development agreement for dirucotide (MBP8298). An additional $400 million in milestone payments are possible under the terms of the licensing agreement, in addition to escalating royalties on sales.
Kevin Giese, president and CEO of BioMS Medical, said: “We are pleased that our partner has recognized the outcome of the interim analysis as a significant positive event. We look forward to completing the Maestro-01 trial and reviewing the complete data set in the second half of 2009.”